The price of Brent crude fell sharply in London trading this evening , after Baghdad came under bombardment by US-led forces. At 6.37 pm, Brent crude May contracts traded down 110 cents at USD 25.65 a barrel, from USD 26.30 at 6.00 pm. In New York, a barrel of light sweet crude for April delivery -- a contract the expires this evening -- was down USD 1.43 at USD 28.45.
The May contract was USD 1.46 lower at USD 27.90. The bombardment began at around 1800 GMT and lasted about 20 minutes, and damaged at least three buildings close to one of President Saddam Hussein's palaces, Agence France-Presse reported. Earlier, Kevin Norrish, head of commodities research at Barclays Capital, said: "Broadly speaking (the) markets appear to be pricing in a rapid victory scenario." ///www.fxcentre.com